With this lab we will explore anchoring heuristics. The Nobel Prize winning Psychologists Kahneman and Tversky discovered anchoring and found this effect in their research. The idea is that our brains do not process information in a vacuum “Rather, it starts by using whatever information is immediately available as a reference point or "anchor" and then adjusting.”
We will attempt to discover if anchoring is in effect in our subjects. We will use the names of two restaurants in an attempt to observe whether or not their names will help to anchor potential prices in our subjects minds.
This lab was inspired by Blindspot: Hidden Biases of Good People by Mahzarin R. Banaji & Anthony G. Greenwald.
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